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So you are saying that it changed while you were filling and your total suddenly jumped?

Or it jumped before you even picked up the hose?

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My understanding is that they must change the big sign before they can make any price changes on the pumps. This is what I have been told in the past.

Someone correct me if I am wrong.

I would have argued it.

With oil trading at over $71/barrel expect it to stay up for a while. (went as high as $71.60 for some May deliveries of oil)

Retailers will eat some of the margins to keep it under $1 for a while but with this latest increase I expect it to stay up for a while.

Just hope when the US pulls out of Iraq they can keep the gas flowing (and hope the US refineries can keep processing it)

(well unless you own shares in an oil company or work for one like me

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David
“The problem with some people is that when they aren't drunk, they're sober.”

Another realistic option would be to buy yourself some oil and gas stocks to profit from rising crude prices instead of whining everytime the price goes up.

I filled up at 105 yesterday and the guy said he just dropped it from 108!! So I was lucky!

Both my remote control cars use a 2 cycle engine so these prices effect everything!!! However $.50 for over 30minutes of runtime isn't too bad.

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Mary-Anne & Joe

Dam oil companies. Ya, that'll show em
Blue you lead it off, don't fil your care up for a few weeks
Then we'll all join in

It's called capitalsim ya bunch of commies.
If you don't like it move to Russia where none of you would have a car or if you did, you would be lining up for gas for weeks at a time.

For a way to participate in this kindly see my earlier post.
Everytime I see somebody filling up I know I'm making $$$$$ on my Petro Canada stock.

A guy's gotta feed his family

Twenty years old story:




For last twenty year they do know about capitalism. As result one of the famous football team in UK owned by Russian oil baron.
“…Chelsea FC owner Roman Abramovich is Britain's richest man with a fortune of £7.5bn, the Sunday Times suggests…””
http://www.mosnews.com/news/2005/09/29/ ... robe.shtml


In fact,
Russian did offer few years ago to supply the oil to North America. It was ignored by local monopolies. It is more profitable for them to speculate on the gas prices every time it is raining somewhere in Africa.

Oil Companies have no real competition, Car Manufactures ignoring diesel engines and our Libs/Cons having huge tax increase - they are all have no interest about us. It is against of their profit.

That's not correct either.

Oil (crude) is a global commodity and its price is set on London and New York.

If you look at how the crude price has changed, from US$28 to US$72, the increase of price at the pump has not been that dramatic.

There are mainly two reasons for the perice increase:

1. Significant increase in demand, especially from Eastern Europe, ex Soviet Union republics, India and China; and
2. Limited increase in supply because of conflicts, OPEC and capacity limits.

It is true that gas companies are getting richer, however I believe that their profit margin as a percentage of revenues has decreased however total profit has increased.

I was making an exagerated statement to simply point out that a free market, capitalistic, economic system is still far superior to the alternative.

The alternative being a state run, price controlled socialist system, (which I don't think I need to explain) is much less effective.

Monopolies - is in fact a oxymoron. I believe the right term you're looking for is Oligopoly. As a monoply cannot be plural as it emplies one.
Mono = One. As oil & gas prices are set in the open market by willing buyers and sellers, a monoply it is not.

The thing is, nothing can be done, by either people or the government (short of lowering gas taxes). In principle, if we, the consumers, start using less gas it will lower the demand and thus prices will go down.

However, since the crude oil is a global comodity, and our dicrease can not possibly offset the incremental increase in demand in India and China, it will not effect the global demand and global pricing.

And, are you willing to trade in the vans and trucks for hybrids and Smart cars?

That's a great idea, GregoryL switching to Smart (that will be 6 Smarts for him and they still will fit in the driveway).

Dakaardian,

Thank goodness there is somebody else on here that has the most basic understanding of Economics.

Tim, there is an explanation for that too. in late afternoon and evening people have more time to shop around while in the morning, when you're already late for work you'd stop at the first one on your way to work.

It is set for OPEC oil providers, Russia is non-OPEC - at they own prices.
Their oil supply will be not empty for next 10 years.

But the main provider of oil is in the Middle East.
http://www.iags.org/futureofoil.html

This is why UN are looking after Iran, Iraq and so on. They call it to bring in democracy, I call it oil prices control regime. This war situation is very profitable for local oil companies. Every time Bushy-Boy is making another crappy story about next Middle-East invasion, this local oil mafia is rising prices up.
I wonder how mach will be retirement bonus to Bush from the oil industry. 400.000 millions ?